Hello guys,
It’s a pleasure to be here once again. It’s already the 5th week of the newbies initiative program. How time flies. I would like to thank our teachers and team leaders for their support in how far we have come as newbies.
image designed by me on canva
This post is my entry for this weeks task. In our last meeting we were educated on Tribal Tokens, Tipping & Mining Tokens, & Hive Engine.
The task for the week;
- How is Swap.Hive different from Hive?
- Mention 2 examples of Tipping Tokens, and state 2 abuses of the service.
PRACTICAL EXERCISE - Convert 1.1 Hive to Swap.Hive, and convert it back to Hive.
Show the steps you took to make the conversion.
Attach a pictorial evidence (pictures) for your transaction.
Remember: the blockchain is transparent and we can verify if you made the transaction.
How is Swap.Hive different from Hive?
As we all know, hive is the original token used on the hive blockchain. We earn in the form of hive tokens and we use hive tokens for our transactions on the blockchain also.
Swap.hive is a secondary layer token built on Hive engine. Swap.hive is a copy of hive that is used for transactions on the hive engine. For transactions on the hive-engine, all your Hive tokens must be converted to swap hive. So, to trade some secondary layer tokens such as LGN, Leo , Neoxag and the likes on hive engine, you will need to use swap.hive
Mention 2 examples of Tipping Tokens, and state 2 abuses of the service.
We all know the meaning of tips right? So Tipping tokens are tokens that given as gifts or should I saw tips on the hive blockchain. Tipping comes in different forms and for various reasons.
You can be tipped by another user on the blockchain based on what and which community you posted in. For example, when I makes a post in the Ladies of Hive community, I am being tipped some LOH token.
You can also be tipped and other token by any user on the blockchain just because they enjoyed reading your post and want to support you or inspire you.
Some examples of tipping tokens include;
- Beer
- CCC
- LUV
- ALIVE
How the use of tipping tokens is abused
As we all know, someone people always want to abuse stuff and tipping tokens is not an exception. The good thing is that there are some rules attached to tipping of tokens to prevent their abuse.
Here are a few was tipping tokens are abused
- Self tipping: Tipping oneself on the Blockchain is highly forbidden. Some people will try to abuse the tipping tokens by tipping themselves. These tokens are meant to be used to tip others and not ourselves
- Over tipping: There are individuals who abuse tipping tokens by tipping a lot of people a lot of times on the blockchain which is a bad thing. So curb this , one is allowed to tip others a few times in a day.
Convert 1.1 Hive to Swap.Hive, and convert it back to Hive
So to carry out this activity, I would be using the Keychain app because that is what I use for my transactions like this.
For first, I launch my app.
From there, click on the three dots at the top right corner and then select browser from the menu.
From there you search for hive engine in the browser.
After your browser opens, you go to your wallet and deposit 1.1 hive as I have shown below.
So here, I have converted 1.1 hive to swap.hive
Moving on, now I’m going to convert 1.1 swap.hive back to hive.
First, go to your wallet and click on withdraw which is right next to the deposit button.
Then in the pop-up menu you type in the token you would like to withdraw. In this case it is hive.
You select the amount of swap.hive you want ti withdraw and confirm transaction.
So, these are the steps I used in carrying out the conversion of 1.1hive to swap.hive and vice- versa.
In conclusion, it is advisable to make good use of tipping tokens and not abuse their use. I hope you enjoyed reading this post and you also learnt something from it.
Thank you.